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1. Do you believe it is important for a business to establish and clearly communicate longterm
and annual objectives? Why or why not?
2. Does your organization establish objectives? If yes, what type and how many? How are
the objectives communicated to individuals? Are your firm’s objectives in written form
or simply communicated orally?
3. To what extent are managers and employees involved in the process of establishing
objectives?
4. How often are your business objectives revised and by what process?
please answer the above questions.
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- Mr. John Francois, the owner of John Francois Stores has been operating asuccessful business since 1977. However, he is not fully aware of whatstrategic management and planning entails. As a trust worthy employee, Mr.Francois has asked you to host a weekend retreat with him, his familymembers, and selected members of staff so that you can advise them aboutwhat strategic management and planning entails as well as how important itis for the organization to engage in strategic management and planning.What would you say to the members present at the retreat so that they canhave a very good understanding of what strategic management and planningentails, and why they should engage in the process so as to maintain thecompetitive advantage of John Francois Stores?1.The description of how different levels and employees in the organization must perform for the organization to achieve its goals is a:A)business-level strategy.B)business model.C)mission statement.D)balanced scorecard.E)None of the above. 2.Which of the following statements regarding multiple measures or a single measure of performance is not correct?A)The advantage of using branch profits to evaluate branch mangers is that profit is relatively simple to compute and reflects the organization's ultimate goal.B)The use of multiple measures can influence branch managers' decisions by changing the components of the performance measurement system to reflect changes in the firm's strategy.C)If the branch managers are more knowledgeable than the corporate staff about local conditions and what local clients value, a single measure could be preferable.D)If the corporate office has better knowledge of what it requires to operate a profitable branch, using multiple measures provides a way to…BUSINESS FINANCE 1. As a student, what practical benefits can you gain from learning business finance? 2. Can you give me person that you know who is very good in budgeting or in financial matters and kindly share to us his/her good practices. 3. What is the major role of the board of directors in an corporation? 4. What’s the differences between the VP MARKETING AND VP ADMINISTRATION? 5. What is the differences between wealth maximization and profit maximization? 6. Name one CEO and share his/her advocacies that you would like to evaluate and live by. 7. What was your personal experience regarding budgeting your own money? How did you overcome any difficulty? 8. What do you understand with the terms savings and investment?
- Objectives financial planning Instructions Explain the key factors in determining the small business profit goal and why those factors are used. If your profit plan does not meet the profit goal, what are at least 5 things you can do to meet the profit goal? How can financial and ratio analysis help you control business results? What are the pros and cons of giving credit to your customers?There are so many avenues through which the concepts of strategic management could be appliedin real life.Required: a. With reference to the business model canvas, illustrate how thenine (9) elements interact in ascertaining how a business can sustainably generaterevenues. b. Using an organization of your choice, practically demonstrate your understanding of theorganization’s business model.Background: Mr. John Francois, the owner of John Francois Stores has been operating asuccessful business since 1977. However, he is not fully aware of whatstrategic management and planning entails. As a trust worthy employee, Mr.Francois has asked you to host a weekend retreat with him, his familymembers, and selected members of staff so that you can advise them aboutwhat strategic management and planning entails as well as how important itis for the organization to engage in strategic management and planning. Question1: What would you say to the members present at the retreat so that they canhave a very good understanding of what strategic management and planningentails, and why they should engage in the process so as to maintain thecompetitive advantage of John Francois Stores?
- Why does Portfolio analysis encourages top management to evaluate each of the corporation’s businesses individually and to set objectives and allocate resources for each?Give examples(1) The marketing plan is the most significant component of the business plan since the entrepreneur cannot determine the firm's feasibility without completing market research. True or False? (2) Sales forecasting can be done even without doing a market survey. True or False? (3) The most important part of a business model canvas is the cost structure. True or False? (4) Discounts and freebies are some of the ways a firm can establish a positive relationship with its clients. True or False?Managerial Accounting Contrastedto Financial AccountingManagerial accounting supports the internal planning (future-oriented) decisionsmade by management. Financial accounting has more of a scorekeeping, historicalorientation, although data produced by the financial accounting process form some ofthe foundation on which plans are based. Planning is a key part of the managementLO 1Explain the management planning andcontrol cycle.1. What does it mean to state that there are different costs for different purposes? QWhat DoesIt Mean?A n s w e r o np a g e 4 8 6mar2529X_ch12_458-503.indd 459 26/11/12 2:05 PM460 Part 2 Managerial Accountingprocess; and although there are many descriptions of that process, a generally acceptable definition would include reference to the process of planning, organizing,and controlling an entity’s activities so that the organization can achieve its desiredoutcomes. A general model of the process looks like this:Implement PlansDecision Making Decision…
- ‘Business strategy produces long-term plans for the business, taking into consideration plans and possible actions of competitors, the main objective being to position the firm so it has a competitive advantage... If management accounting is to play this role in strategic management, it must provide managers not only with internal, financial information, but also with information, both financial and non-financial, about the environment in which the firm is operating: strategic management accounting’ (Lord, 2007, p.135). Discuss the previous statement, taking in to consideration the following perspectives: b)The appropriateness of the new performance evaluation techniques (such as balanced scorecard and strategic management accounting techniques) to the strategic management accounting objectives in comparison to the traditional performance measures. * please help me to answer this question in details, thanks1. The process of assessing a business and its environment to make the right strategic choices is called: A. Strategic Risk Management B. Strategic Analysis C. Strategic Planning d. Strategic Management 2.The process of defining long-term goals and objectives, and developing strategies is called: a.Strategic Risk Management b.Strategic Analysis c.Strategic Planning d.Strategic Management 3.The process of formulating, implementing, and evaluating strategic decisions is called: a.Strategic Risk Management b.Strategic Analysis c.Strategic Planning d. Strategic ManagementThis strategy evaluation and control technique contains a carefully chosen combination of strategic and financial objectives tailored to the company’s business. Its overall aim is to balance shareholders’ objectives with customer and operational objectives. a. SWOT Analysis b. Balanced Scorecard c. Quantitative Strategic Planning Matrix d. Internal-External (IE) Matrix